Residential price index in Poland in the second quarter of 2023

Residential price index in Poland in the second quarter of 2023

Prices for residential premises in Poland, according to the State Office of Statistics, in the second quarter of 2023 increased by 3.2% compared to the first quarter of 2023, with an increase in prices on the primary market (by 3.3%) and the secondary market (by 3.2 %) – table 1. Compared to the same period in 2022, prices for residential premises increased by 7.0% (in the primary market by 10.4% and in the secondary market by 4.1%).

In the second quarter of 2023, prices for residential premises were 75.0% higher compared to the average price for 2015 (in the primary market - by 63.4%, and in the secondary market - by 84.7%).

Table 1. Price indices for residential premises in Poland in the second quarter of 2023

Let's look at how prices are formed in the real estate market across Polish voivodeships in the second quarter of 2023 (Table 2). The largest increase in prices for residential premises compared to the previous quarter of 2023 was recorded in the Lower Silesian Voivodeship (by 7.1%). In the capital Mazowieckie Voivodeship the increase was 4.4%. This is the 4th increase in real estate prices in Poland in the second quarter of 2023. Prices decreased during the quarter only in Podlaskie Voivodeship (by 2.0%).

Naturally, over the year (compared to the second quarter of 2022), real estate prices have increased even more. The “Palm” also belongs to the Lower Silesian Voivodeship (112.1%). Prices grew rapidly in Podkarpackie (110.5%), Lesser Poland 109.4%, Opole (109.2%), Lubelskie (108.5%) voivodeships. In the Mazowieckie region, prices for residential premises compared to the second quarter of 2022 were recorded with an increase of 108.1%.

Table 2. Price indices for residential premises by Polish voivodeship in the second quarter of 2023

More detailed changes in prices for residential premises compared to the previous period, with the same period of the previous year and compared to 2015 can be found in Charts 1-3.

Chart 1. Quarterly changes in prices for residential premises compared to the previous period

Chart 2. Quarterly changes in prices for residential premises compared to the same period of the previous year

Chart 3. Quarterly change in prices for residential premises compared to 2015